The concept of floating dispensers for dispensing chemicals such as bromine into a pool or the like is known in the art. Also, it is known to dispense materials such as fragrances into the atmosphere through conversion of the fragrance into a vapor that is dispersed in the air. The present invention provides an improvement to the dispenser art by providing in one embodiment a two phase floating dispenser that simultaneously disperse chemicals into the air and into the pool water. The two phase dispensers floats partially submerged in a fluid medium such as a swimming pool, spa, or the like. The two phase dispenser has a submerged portion (located below the water line) and a nonsubmerged portion (located above the water line) so that the dispenser can simultaneously dispense a water dispersible chemical directly into the water that supports the floating dispenser and directly dispense an air dispersible chemical into the air surrounding the nonsubmerged portion of the floating dispenser. In normal operation the air receives a fragrance or the like and the water is disinfected. In another embodiment of my floating two phase dispenser I simultaneously draw the body oils from the pool into the dispenser while emitting a fragrance into the surrounding atmosphere.